I have just published the letter from EU Commission Vice President, Joaquin Almunia, explaining how AIB passed banking stress tests last July but was eventually nationalised by year-end. (See text of letter below this blog.)

It is clear that the latest AIB bailout was effectively caused by NAMA and the failure of the government to predict these losses while also taking the bank’s position at face value.

Commissioner Almunia makes it clear in his letter that NAMA’s second discount on AIB loans immediately required an additional €3b cash. This could only come from the Irish taxpayer.

When the government first stress tested the bank, it underestimated the NAMA discount – even though NAMA is a state-body. Was there no co-ordination on this by the Finance Minister?

This Thursday will see yet another reduction in roaming charges for Irish customers when travelling in Europe. Hopefully this will end the shameful practice of mobile phone companies giving 'bill shock' to their customers.

Following a series of meetings in Limerick on Friday June 4th, I am calling on the European Parliament's employment committee to appoint someone to liaise with the government over the handling of the EGF fund.

With Cass Sunstein - Head of Information and Regulatory Affairs in White House

I was on my first trip as an MEP representative to the US over the last couple of days. It was a very interesting and informative few days, where I visited the While House and met with members of the US House of Representatives. We visited both Washington and New York. I met with Cass Sunstein who is I understand quite close to President Obama and is over Information and Regulatory Affairs in the Us Administration. I also met with Susan Rice, who is the US Ambassador to the United Nations.

This coming Wednesday, I will travel to the US as a member of the influential EU Parliament’s US Delegation. I am the sole Irish MEP to be involved in this trip. With plans to visit Washington and New York, I plan to use this opportunity to meet with US Senators and the House of Representatives members.

Discussions are set to take place to address the global issues of international trade, climate change, transport and communications. I’m eager to meet with the US Senators and House of Representatives members to discuss these important issues which affect us all.